Home Prices Drop in October

Both the 10-city index and the 20-city index decreased 0.1 percent from September to 158.77 and 146.08 respectively. The value of the 10 city index fell 0.10 and of the 20-city index dropped 0.09. The 10-city index for October was 3.4 percent higher than it was in October 2011 and the 20-city index showed a 4.3 percent year-year gain.

Economists had expected the 20 city index to dip 0.3 percent in October but show a 4.1 percent year-year improvement. The Federal Housing Finance Administration index for October, reported last week, showed a 0.5 percent month-month increase and a 5.6 percent year-year gain. The median price of an existing single family home, according to the National Association of Realtors, fell 0.8 percent in October but still registered a 10.0 percent year-year increase…”